Understanding the Impact of Broker Misconduct on Your Investments
Michael Sandberg, who is associated with Ameriprise Financial Services, LLC, has been the subject of 10 customer complaints and one regulatory action. These complaints include allegations of recommending unsuitable investments and other forms of account mishandling.
One recent complaint from December 2020 alleges negligent investment advice, breach of fiduciary duty, breach of contract, and fraud, with the claimant citing $100,000 in damages. This case is still pending.
Securities laws require brokers treat their clients fairly, which includes disclosing all risks of recommended investments and ensuring that any complex or confusing products are presented in an understandable manner. It is important for advisors to only make suitable investment recommendations that align with a client’s risk tolerance, age, and specific financial needs and objectives.
To determine if an investment is suitable for a client, advisors must conduct thorough due diligence to understand the product’s features, benefits, and risks. Following this, they must assess whether the investment matches the client’s specific requirements. Unfortunately, some investments are inappropriate for most investors and should not be presented to them.
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$350 Million for Our Clients Nationwide.
The High Number of Disclosures for Sandberg
A study examining records from 2005 to 2015 found that 7.3% of financial advisors had a customer complaint on their record. Research indicates that brokers with high numbers of customer complaints are not always expelled from the industry; instead, they often end up at brokerage firms with lax hiring standards and increased rates of customer complaints.
Contact Meyer Wilson
If you’re an investor who has faced losses potentially due to broker misconduct, I encourage you to reach out for a consultation. At Meyer Wilson, we specialize in representing investors who have incurred losses due to the mishandling of their accounts. You can bring claims forward in securities arbitration before FINRA, and rest assured, our consultations are complimentary, and we are only compensated if we help you recover your losses.
Investors do not need to navigate these challenging situations alone. If you suspect that your investment losses are due to the mismanagement of your account or unsuitable investment advice, please contact us at 866-938-2021 or visit our website at investorclaims.com.
Written by: Courtney Werning, Esq.
Recovering Losses Caused by Investment Misconduct.
